The latest figures from the nonpartisan agency portray a dreary picture of the U.S. economy, predicting U.S gross domestic product would only grow by 2% between the fourth quarter of 2010 and the same period next year.
For 2010, the current fiscal year, CBO projects the deficit will come in at around $1.34 trillion, down just slightly from its $1.35 trillion estimate in March. For 2011, CBO says the deficit will come in at $1.07 trillion, up from $980 billion estimated in March. For 2012 and 2013 the deficits would be $665 billion and $525 billion, compared with $650 billion and $539 billion in March.
Deficits are projected to decline every year until 2015 when they start to climb again, under pressure from baby boomer retirements and mounting interest payments on government debt.
The New York Times today has a one-page, two-story feature searching for clues to explain President Barack Obama's unpopularity. One boils down to crazy people think he's a secret Muslim, the other lets John Podesta make a semi-interesting argument that Obama has sullied his image by being a legislative president after sweeping into office on an above-it-all, post-partisanny campaign.
Missing from both, most egregiously from the latter (given that it talks specifically about legislative "successes"), is something that goes missing from way, way too much political journalism